Dogecoin is the solution to the Ethereum problem according to Elon Musk

By December 3, 2021DeFi
Click here to view original web page at

Elon Musk comes back, as always, to promote and defend his favorite meme coin. Basically with a tweet he responded to a now atavistic problem of Ethereum: the high cost of its commissions. Indeed, this aspect leads cryptocurrency to remain inaccessible to small investors. Therefore Dogecoin, according to Musk, it would be the solution to this inconvenience that has been gripping users who want to join his network for some time. Let’s find out what happened together.

With a tweet Elon Musk has relaunched Dogecoin

Inevitable was the bull run triggered by Elon Musk’s Twitter post which he then relaunched Dogecoin. At the time of writing, in fact, it marks a + 0.30% bringing its price to $ 0.2037. But where does the Tesla owner’s tweet come from? Simply in response to another tweet posted by CoinDesk which signals, for the umpteenth time, how much Ethereum is increasingly inaccessible to small users due to the high transition costs.

We had talked about this extensively a few days ago, on the occasion of an interesting news on Bitcoin which has rightly been called the payment network plus efficient in the world. This is confirmed by the fact that for every $ 95,000 transferred, $ 1 is spent on commissions. On the other hand, the music on is quite different Ethereum. And this could not be other than Elon Musk’s springboard to reactivate Dogecoin and send it upwards in its quotation.

Ethereum’s high transaction fees have made DeFi inaccessible to small investors. reports @ godbole17

– CoinDesk (@CoinDesk) December 2, 2021

As you can see from the tweet of CoinDesk, shown above, the graph describes the gas costs on Ethereum well summarized by the title of the research: “Large traders dominate DEXs as Ethereum’s high fees keep retail investors at bay“. Musk’s tweet promptly responded to this with one word: “Dooooge“.

– Elon Musk (@elonmusk) December 2, 2021

This was enough to restart this meme coin thus raising its value. A trend that has remained in place for now positive almost 24 hours after the fact. Let’s see if everything will remain as it is or will continue to rise in price by reporting Dogecoin to the glories of the past.

All Today's Crypto News In One Place